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Thursday, February 16, 2012

Business opportunities for doing business in the UAE

There are ample opportunities for doing business in theUAE. At the present time the economy is booming - GDP having risen by 20.4 per cent in 2000. Although a significant proportion of that increase was due to higher oil prices. Government encouraged industrial diversification is also contributing to continuing economic prosperity. International manufacturers and exporters may conduct business with Dubai by concluding transactions directly with importers and traders who are already established in the market.

An Expatriate can choose either LLC or Free Zone to set up his new Company according to his/her requirements.

Limited Liability Company (LLC) Limited Liability Company where the liability is fixed according to the capital shown by the Company. In Abu Dhabi the minimum required capital for a company is AED 150,000 (US$ 41,000). The law also specifies for a foreign nationals ownership in this type of company is pegged at 49% and 51% would be held by a UAE national. Fifty-one per cent participation by UAE nationals or company owned 100% by UAE nationals is the general requirement for the Limited Liability Companies. Therefore the normal shareholding pattern for an LLC is: Local sponsor - 51% Foreign Shareholder (s) - 49% Only Limited Liability Company allows the company to trade directly in the local market. Majority of the Companies established in UAE are LLC’s. In Abu Dhabi professional activities (by expatriates) has to be set up as LLC. The time required to form a company will be approximate 1-2 weeks (depends on the activity and approvals required) from the date of receipt of all the documents. The procedure and cost breakup will be given upon request.

Branch of a Foreign company Foreign companies can set up their branches / representative offices in Abu Dhabi and owned 100%. The law only requires that a local service agent (UAE national) be appointed for such branch / representative office.

The branch is part of the parent company and it can carry on the business according to the activities (subject to approval) mentioned in the parent company’s license. Only UAE nationals or companies 100% owned by UAE nationals may be appointed as local service agents. Local service agents - also sometimes referred to as sponsors - are not involved in the operations of the company but assist in obtaining visas, labour cards, etc and are paid a lump sum fee per annum. The time required to form a branch of a foreign company is approximately 3-4 weeks (depends on the activity and approvals required) from the date of receipt of all the documents.

The application for establishing the branch should be accompanied with the parent company’s financial statement of last two years and other related documents. For companies related to construction and engineering the application must contain the details of executed projects and current projects are required to be submitted before the licensing authority. Retail companies cannot apply for the license for setting up the branch only manufacturing companies can set up their branch in Abu Dhabi. A representative office, on the other hand, is limited to promoting its parent company's activities, i.e. to gather information and soliciting orders and projects to be performed by the company's head office. Representative offices are also limited in the number of employees that they may sponsor. Procedures are same for representative office setup except two year financial statements are not mandatory.

Branch of a Local Company (UAE)

For carrying on business in Abu Dhabi it is compulsory to have a license issued by Abu Dhabi Economic Department. For a company established in any other emirate can carry on their business in Abu Dhabi. A company having a valid license issued by the Economic Department of any Emirate can establish their branch in Abu Dhabi. There is no requirement for appointing a separate sponsor for setting up the branch in Abu Dhabi. The activities allowed in the branch license would be the same(subject to approval)as the parent company’s. Any Company having valid license issued by any emirate in UAE can establish their branch in Abu Dhabi there is no requirement of capital or vintage. The detailed procedure and cost breakup can be availed via a request.

Free Zones Free zones are established as independent jurisdictions which allow the expatriate entrepreneur to own a company wholly (100%) and offers single window administration. Free zones also do away with the requirement of appointing UAE national as partner / service agent (branch). This type of company is incorporated for carrying on international trade as business with local market (UAE) is restricted. For local (UAE) supply of goods the company has to pay 5% as customs duty and should be supplied through local distributors

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